Superannuation
There are two superannuation-related tax offsets:
Australian superannuation income stream tax offset
If you receive income from an Australian superannuation income stream, you may be entitled to a tax offset equal to:
- 15% of the taxed element, or
- 10% of the untaxed element.
The tax offset amount available to you will be shown on your PAYG payment summary - superannuation income stream which you will receive from the payer.
You are not entitled to a tax offset for the taxed element of any superannuation income stream you received before you turned 55 years old unless the superannuation income stream was either a:
- disability superannuation benefit
- death benefit income stream.
You are not entitled to a tax offset for the untaxed element of any superannuation income stream received before you turned 60 years old unless:
- the superannuation income stream is a death benefit income stream, and
- the deceased died after they turned 60 years old.
Contact your payer if you:
- did not receive a payment summary or you lost your payment summary
- think you qualify for this tax offset and the payment summary does not show it
- disagree with the amount shown on your payment summary.
Tax offset for superannuation contributions on behalf of your spouse
If you made contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset.
You will be entitled to a tax offset of up to $540 per year if:
- the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $13,800
- the contributions were not deductible to you
- the contributions were made to a superannuation fund that was a complying superannuation fund for the income year in which you made the contribution
- both you and your spouse were Australian residents when the contributions were made, and
- when making the contributions you and your spouse were not living separately and apart on a permanent basis.
The tax offset for eligible spouse contributions cannot be claimed for superannuation contributions that you made to your own fund, then split to your spouse. That is called a roll over or transfer, not a contribution.
Retirement savings account (RSA)
An RSA is a special account offered by banks, building societies, credit unions, life insurance companies and prescribed financial institutions. It is used for retirement savings and is similar to a superannuation fund.
Last Modified: Friday, 29 June 2012